[LOS ANGELES] David Geffen, the billionaire entertainment executive, sold his Malibu Beach Inn near Los Angeles to Mani Brothers Real Estate Group for an undisclosed amount.
The acquisition was completed on Friday, said Kendal Hurley, a spokeswoman for Mani Brothers with Ballantines PR. Mani Brothers, a West Hollywood, California-based real estate investment firm, also owns 9200 Sunset Blvd, a tower that houses a Soho House private club on its top floors.
Geffen, co-founder of the DreamWorks movie studio, bought the 47-room beachfront hotel in April 2005 for US$21.1 million, according to property records. The Pacific Coast Highway property, located near the Malibu pier on a strip nicknamed Billionaire's Beach, features in-room wine selections, slate- bordered fireplaces with oversized balconies.
"Hotels have been doing really well in Los Angeles," said Stephen Shapiro, chairman of Westside Estate Agency, a Beverly Hills, California-based brokerage. "You couldn't find a piece of property today and just build a hotel on it. So to get your hands on something existing is a real premium."